Oracle 2008 Annual Report Download - page 117

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Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2009
The provision for income taxes consisted of the following:
Year Ended May 31,
(Dollars in millions) 2009 2008 2007
Current provision:
Federal $ 1,341 $ 1,325 $ 864
State 361 231 147
Foreign 934 892 757
Total current provision 2,636 2,448 1,768
Deferred provision (benefit):
Federal (177) (96) 45
State (52) (24) 4
Foreign (166) (15) (105)
Total deferred benefit (395) (135) (56)
Total provision for income taxes $ 2,241 $ 2,313 $ 1,712
Effective income tax rate 28.6% 29.5% 28.6%
The provision for income taxes differed from the amount computed by applying the federal statutory rate to
our income before provision for income taxes as follows:
Year Ended May 31,
(in millions) 2009 2008 2007
Tax provision at statutory rate $ 2,742 $ 2,742 $ 2,095
Foreign earnings at other than United States rates (673) (569) (580)
State tax expense, net of federal benefit 201 135 98
Settlement of audits and expiration of statutes, net (28) (20) (29)
Other (1) 25 128
Total provision for income taxes $ 2,241 $ 2,313 $ 1,712
109
Source: ORACLE CORP, 10-K, June 29, 2009 Powered by Morningstar® Document Research℠